WINNIPEG, MANITOBA--(Marketwired - Nov. 27, 2014) - Empire Industries Ltd. (TSX VENTURE:EIL) today reported its unaudited consolidated financial results for the third quarter ended September 30, 2014. The unaudited consolidated financial statements and MD&A have been filed on SEDAR and can be viewed at
www.sedar.com or at
www.empind.com.
Summary of Third Quarter 2014 results
-- Revenues increased by $2.4 million, or 7% (to $36.5 million from $34.1
million in third quarter 2013).
-- Adjusted EBITDA increased by $0.2 million or 9.5% to $2.3 million.
-- Net Income decreased by $0.9 million (to $0.7 million from 1.6 million
in third quarter 2013).
-- Net Income per share remained constant at $0.005 per share.
-- Contract Backlog remains strong at $93 million, down from $123 million
at of the Group's first quarter report due to project execution.
For the quarter and nine month periods ended
Sept 30
($ millions except share price and per share Q3 Q3 YTD YTD
amounts) 2014 2013 2014 2013
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Financial Results
Revenue 36.5 34.1 105.0 86.3
Adjusted EBITDA ($)(1) 2.3 2.1 6.2 5.1
Adjusted EBIT ($)(1) 1.8 1.8 5.0 2.6
Net income from all operations 0.7 1.6 3.6 3.7
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Financial Position (at Sept 30)
Total assets 62.7 39.7 62.7 39.7
Long-term debt (including current portion) 3.1 0.2 3.1 0.2
Shareholders' equity 19.1 13.8 19.1 13.8
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Per Share Information
Income per share (Basic) 0.005 0.005 0.015 0.015
Income per share (Diluted) 0.005 0.005 0.015 0.015
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(1) Adjusted earnings (loss) before interest, tax, depreciation and
amortization (Adjusted EBITDA) is not defined by IFRS. The definition of
Adjusted EBITDA does not take into account the Group's share of profit of
an associate investment, gains and losses on the disposal of assets, fair
value changes in foreign currency forward contracts and non-cash components
of stock based compensation. Adjusted EBIT is the result of the Group's
Adjusted EBITDA less depreciation and amortization expenses. While not IFRS
measures, Adjusted EBITDA and Adjusted EBIT are used by management,
creditors, analysts, investors and other financial stakeholders to assess
the Group's performance and management from a financial and operational
perspective."I am pleased to report that the company continued to improve its bottom line and strengthen its balance sheet," said Guy Nelson, Chief Executive Officer of Empire Industries Ltd. "The diversity of our business made this happen as gains in steel fabrication and hydrovac truck manufacturing offset reductions in media based attractions and our commitment to invest in our industry leading, new product development."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells these products domestically and in select international export markets. The company has developed, designed and engineered products for the rapidly growing, global, media based attractions market. The company also provides steel fabrication & installation services, primarily to the industrial, commercial and infrastructure market in Western Canada. The company also has two key strategic equity partnerships; a 49% ownership of ACE Industrial Services that operates in the oil sands industrial maintenance services market, and a 45% ownership of a Chinese joint venture company in the steel fabrication market in Asia. Empire's common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit
www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Empire's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Empire assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.